ISLAMABAD: Despite the declining trend in the global oil market, the coalition government has deprived the inflation-hit masses from a fair relief while announcing the new oil prices for the first 15 days of August, sources said on Monday.
According to sources, the government has doubled the petroleum development levy (PDL) imposed on per litre prices of petroleum products. “Although oil prices in the international market has been witnessing a massive decline these days, the government has only passed on minimum relief in petroleum prices as they have increased PL,” they said.
They said that the government has increased the PL on petrol by Rs10 and Rs5/litre on high speed diesel (HSD), light diesel oil (LDO) and kerosene oil. As a result of this hike, PL on petrol is at Rs20/litre and Rs10/litre on HSD, LDO and kerosene oil.
“How come Rs225 to a US dollar has been assumed in the new pricing when Pakistan State Oil (PSO) is retiring the Letter of Credit (LC) of the so-called bank rate,” a source in the oil sector said.
Finance Minister Miftah Ismail was contacted to get an answer to this question but he did not respond.
It is pertinent to mention here that the coalition government has jacked up PL for all petroleum products to meet an outstanding precondition of the International Monetary Fund (IMF). Therefore on Sunday, the government reduced the price of petrol by a mere Rs3.05/litre while the price of diesel witnessed an increase of Rs8.95/litre.
Petrol currently available for Rs227.19, while HSD for Rs244.95, kerosene oil for Rs201.07, and LDO at Rs191.32 in the open market of the country.
